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Steinberg Company had the following direct materials costs for the manufacturing of product T in...

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Accounting

Steinberg Company had the following direct materials costs for the manufacturing of product T in March:
Actual purchase price per pound of direct materials
Standard direct materials allowed for units of product T produced
Decrease in direct materials inventory
Direct materials used in production
Standard price per pound of material
$8.40
3,000 pounds
190 pounds
3,200 pounds
$8.15
Required:
What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether
each variance was favorable (F) or unfavorable (U).
Prepare the appropriate journal entries for March.
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